Pertamina Profit Declines 25%

State oil and gas firm Pertamina booked net profit of US$760 million in the first quarter (Q1) of 2017, declined 25% from US$1.01 billion in the correspoding period of 2016. The profit drop was due to higher crude oil prices which rose to US$51 per barrel from US$30.32 last year. While Pertamina’s oil and gas production increased 10% to 337,000 barrels per day. Gas production increased 2% to 2,010 million standard cubic feet per day (mmsfcd), from 1,975 mmscfd in Q1 last year.